(1) The Nagar Panchayat or the Council at a meeting may agree with the person in whom the properly in any road, bridge, tank, ghat, well, channel, or drain, vests to take over the property therein or the control thereof, and after such agreement may declare by notice in writing put up thereon or near thereto that such roads, bridge, tank, ghat, well, channel or drain has been transferred to the Nagar Panchayat or the Council, as the case may be.
     (2) On completion of the transfer, the property shall vest in the Nagar Panchayat or the Council, as the case may be, and shall thenceforth be repaired and maintained out of the municipal fund.